Monetary Policy
IMF backs $3.1 billion loan for Egypt
Conditions include locking in the floating exchange rate
PBoC keeps lending rates unchanged
Analysts expect central bank to cut key lending rates in coming months to support property sector
European rates: Norway expects more tightening next year
Switzerland raises rates 50bp and Denmark raises rates in line with ECB
Latin American rates: Colombia adopts highest rate since 2001
Argentina holds steady again, while Nicaragua raises rates
Bank of Japan surprises analysts with yield curve tweak
But governor Kuroda says the move is not a rate hike nor a step to end easy policy
BoJ accord may be revised with more flexible inflation target
Planned revision could lead the BoJ to tweak its ultra-loose policy, reports say
Mexico continues tightening with 50bp hike
Central bank shadows Fed as it confronts ambivalent inflation figures
Costa Rica pauses hikes, joining Latin American trend
Central bank wants to give previous hikes time to filter into market rates
Armenia, Mauritius and West African states raise rates
Bank of Mauritius will move to new monetary policy framework in January
ECB increases rates by 50bp
Central bank will scale back APP reinvestments as Eurosystem staff raise inflation forecast
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
PBoC increases liquidity support as slowdown increases
Retail sales and property prices fell further in November while investment and production slowed
Fed slows rate rises with 50bp increase
Powell stresses possibility of soft landing supported by “structural labour shortage”
Rates round-up: Poland holds rates despite high inflation
Serbia and Bulgaria raise rates as double-digit inflation plagues eastern Europe
BIS bulletin weighs pros and cons of ‘front-loaded’ tightening
Recent rate increases are highly synchronised and twice as fast as previous cycles, authors say
Brazil and Paraguay hold rates, while Curaçao opts for rise
Inflation has almost halved in Brazil in six months since April, but board says fiscal outlook uncertain
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
An infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments
Chile pauses rate hikes, but Peru continues tightening
Peruvian board carries on with policy meeting despite political turmoil
Bank of Canada raises rates again
Central bank notes growth is stalling and will consider if more raises are needed
Kazakhstan raises rate as Kyrgyzstan cuts
IMF criticises Kyrgyz monetary policy and failure to reform central bank law
Fed policy roundtable II: recession risk and sticky inflation
Academics look at forward guidance, asset purchases, and the “magic” in forecasting models
RBI raises rate 35bp to ‘break’ inflation persistence
Committee splits as it tries to balance inflation fight against continued growth